New York’s BitLicense Proposal: The View from China

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Since the New York Department of Financial Services (NYDFS) released its proposed regulations for bitcoin businesses on 17th July, the wider digital currency community has been locked in a heated debate over what the passage of the policies would mean for the future of the nascent industry.

As put forth by Bitcoin Foundation director Jon Matonis in a recent CoinDesk opinion piece, the growing consensus in the Western world, if one can be derived, is that the NYDFS framework goes too far, threatening to stifle innovation in its bid to protect consumers.

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